World Business Quick Take

Agencies

REAL ESTATE

London house prices slump

London house prices are falling at the fastest pace since the depths of the recession almost a decade ago, with the UK capital’s most expensive areas seeing the biggest declines. Average prices fell 2.6 percent to ￡593,396 (US$820,000) in January, the biggest annual decline since August 2009, according to a report published by Acadata yesterday. London’s highest-priced boroughs were the biggest losers, led by Wandsworth’s 24.9 percent slump and Southwark’s 12.2 percent drop.London prices fell 0.8 percent in January alone, equivalent to almost ￡5,000, showing that the weakness that was present for much of last year continued into this year. The market has been hurt by slower growth and faster inflation since the Brexit vote, while the Bank of England has signaled it would continue raising interest rates.

FINANCE

Golden Gate plans third fund

Singapore’s Golden Gate Ventures is raising a US$100 million third fund to continue investing in Southeast Asia’s burgeoning market for e-commerce, payments and mobile apps, a person familiar with the matter said.The new fund is expected to have a first close before the end of this month and the final close by the end of this year, said the person who asked not to be identified because the information is private. Founded by former Silicon Valley entrepreneurs Vinnie Lauria, Jeffrey Paine and Paul Bragiel in 2011, Golden Gate Ventures was one of the earliest venture capital firms to target the region’s nascent technology sector. It has since launched two funds and invested in more than 30 firms, including online classified app Carousell, Jakarta-based healthcare platform Alodokter and Vietnamese mobile platform Appota Corp.

AIRLINES

piceJet, CFM ink deal

SpiceJet Ltd, one of India’s fastest-growing airlines has signed a US$12.5 billion deal with CFM International Inc for engines and a 10-year services contract for an incoming fleet of more than 150 Boeing Co 737 MAX aircraft. SpiceJet has agreed to buy the LEAP-1B engines and spare engines from CFM, which is a joint venture between France’s Safran Aircraft Engines SAS and General Electric Co’s GE Aviation, the two companies said in a statement on Saturday. The deal also includes a 10-year services contract for maintenance of the CFM engines, which are to be billed on an hourly basis, the statement said. The deal provides engines and maintenance that will underpin SpiceJet’s existing US$22 billion order for 155 Boeing aircraft, marking the Indian budget carrier’s biggest expansion plan yet. SpiceJet has been trying to claw back market share from the nation’s leading discount airline, IndiGo, which is operated by InterGlobe Aviation Ltd.

CAMERAS

Leica fetches US$2.9m

A 1923 Leica camera on Saturday fetched a world record 2.4 million euros (US$2.9 million) at an auction in Vienna, the Westlicht museum said. The minimum price had been set at 400,000 euros, but the Leica 0-series No. 122, one of a 25-strong series of prototypes made two years before the reputed German marque began retailing, was the subject of ferocious bidding given its pristine condition. It went to an Asian bidder, the museum said, adding that only three of the series remained in their original condition. The previous record for a 1923 Leica saw a buyer spend 2.16 million euros in 2012, Westlicht said.

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